10x Genomics (NASDAQ:TXG) Price Target Raised to $30.00

Key Points

• Bank of America raised its price target on 10x Genomics from $21 to $30 while keeping a "neutral" rating, implying roughly a 17.3% upside from the prior close.
• 10x Genomics beat Q4 EPS estimates (‑$0.13 vs. ‑$0.19) and posted $166.0M in revenue vs. $160.4M expected, but the stock trades at $25.57 with a negative P/E and an average analyst rating of "Hold" and average target of $20.11.
• Insiders sold about 46,426 shares in the past 90 days and now own 10.03% of the company, while institutional investors hold roughly 84.68% of the stock.

10x Genomics (NASDAQ:TXG - Get Free Report) had its target price increased by analysts at Bank of America from $21.00 to $30.00 in a report released on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price objective would suggest a potential upside of 17.31% from the stock's previous close.

A number of other research analysts have also commented on the company. Canaccord Genuity Group set a $22.00 price target on 10x Genomics in a report on Friday, February 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 10x Genomics in a report on Friday, March 27th. TD Cowen upped their target price on 10x Genomics from $18.00 to $19.00 and gave the company a "hold" rating in a research note on Friday, February 13th. William Blair upgraded 10x Genomics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, March 31st. Finally, Stifel Nicolaus upped their target price on 10x Genomics from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, 10x Genomics has an average rating of "Hold" and an average target price of $20.11.

10x Genomics Stock Down 1.9%

Shares of TXG stock traded down $0.51 during trading hours on Monday, reaching $25.57. 845,178 shares of the company's stock were exchanged, compared to its average volume of 2,526,463. 10x Genomics has a fifty-two week low of $7.25 and a fifty-two week high of $26.44. The stock has a market capitalization of $3.27 billion, a P/E ratio of -73.09 and a beta of 2.17. The business has a fifty day moving average price of $20.69 and a 200-day moving average price of $18.09.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. 10x Genomics had a negative return on equity of 6.89% and a negative net margin of 6.77%.The company had revenue of $166.03 million during the quarter, compared to analyst estimates of $160.35 million. During the same period in the previous year, the company earned ($0.40) earnings per share. The company's quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts expect that 10x Genomics will post -1.43 EPS for the current fiscal year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 7,826 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $18.58, for a total value of $145,407.08. Following the completion of the transaction, the insider directly owned 424,779 shares in the company, valued at approximately $7,892,393.82. This represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Adam Taich sold 8,968 shares of the company's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $18.58, for a total value of $166,625.44. Following the completion of the transaction, the chief financial officer owned 288,417 shares of the company's stock, valued at $5,358,787.86. The trade was a 3.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 46,426 shares of company stock worth $902,695. 10.03% of the stock is owned by corporate insiders.

Institutional Trading of 10x Genomics

A number of large investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. grew its position in 10x Genomics by 170.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 17,186 shares of the company's stock valued at $280,000 after acquiring an additional 10,830 shares during the period. Corient Private Wealth LLC grew its position in 10x Genomics by 129.9% in the fourth quarter. Corient Private Wealth LLC now owns 149,027 shares of the company's stock valued at $2,427,000 after acquiring an additional 84,197 shares during the period. Invesco Ltd. grew its position in 10x Genomics by 21.2% in the fourth quarter. Invesco Ltd. now owns 334,300 shares of the company's stock valued at $5,452,000 after acquiring an additional 58,537 shares during the period. Mercer Global Advisors Inc. ADV grew its position in 10x Genomics by 79.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 83,266 shares of the company's stock valued at $1,358,000 after acquiring an additional 36,938 shares during the period. Finally, EP Wealth Advisors LLC bought a new stake in 10x Genomics in the fourth quarter valued at $188,000. 84.68% of the stock is currently owned by institutional investors.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.